what is meant by consumer's equillibrium and how it is related to the demand of a product?
Answers
Explanation:
Consumer equilibrium. The state of balance achieved by an end user of products that refers to the amount of goods and services they can purchase given their present level of income and the current level of prices. Consumer equilibrium allows a consumer to obtain the most satisfaction possible from their income.
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Answer:
"The term consumer’s equilibrium refers to the amount of goods and services which the consumer may buy in the market given his income and given prices of goods in the market".
The aim of the consumer is to get maximum satisfaction from his money income
Explanation:
The consumer’s consumption decision is explained by combining the budget line and the indifference map. The consumer’s equilibrium position is only at a point where the price line is tangent to the highest attainable indifference curve from below
"A consumer is said to be in equilibrium at a point where the price line is touching the highest attainable indifference curve from below".
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